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Senate Passes Stripped-Down Mortgage Bill

HeadlineMay 07, 2009

The Senate has approved a foreclosure assistance bill providing limited help for struggling homeowners. The measure would protect mortgage service companies from lawsuits in return for taking part in federal loan modification programs. It would also give renters of foreclosed properties at least ninety days’ eviction notice and spend some $2.6 billion on curbing homelessness. Last week, the Senate dropped a key amendment that would have allowed bankruptcy judges to reduce mortgage payments for debt-strapped homeowners.

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